House Bill No. by Representative Turner aims to amend the existing law regarding the College and University Deferred Maintenance and Capital Improvement Fund. The bill establishes a new requirement for the state treasurer to deposit $100 million into this fund starting in the fiscal year 2025-2026 and continuing for the next four fiscal years. This new provision is in addition to the existing sources of revenue for the fund, which include proceeds from bonds, legislative appropriations, donations, and other legal sources of funding.

The bill retains all other provisions of the current law, which mandates that unexpended and unencumbered funds at the end of the fiscal year remain in the fund and that the treasurer invests these funds similarly to the state general fund. The interest earned on these investments will also be credited to the fund. The funds are designated for use by the office of facility planning and control to address deferred maintenance expenses at state colleges and universities.

Statutes affected:
HB335 Original: 17:4(A)